Cheaper 2003 Lexus IS 300 Car Insurance Rates

Are you tired of being strong-armed to pay your car insurance bill each month? You are in the same boat as many other consumers.

There are many insurance companies to pick from, and though it is a good thing to have a selection, it can be more challenging to find the best rates for your vehicles.

Finding the best rates is quite easy. Essentially every driver who shops for car insurance stands a good chance to be able to reduce their rates. Although vehicle owners need to learn how big insurance companies sell insurance online and take advantage of how the system works.

Save big with these discounts

Companies offering auto insurance do not list every discount in an easy-to-find place, so we researched some of the more common as well as the least known savings tricks you should be using.

  • Driver’s Ed – Cut your cost by having your teen driver enroll in driver’s education if it’s offered in school.
  • Discounts for Safe Drivers – Insureds without accidents can pay as much as 50% less for IS 300 coverage than drivers with accidents.
  • Anti-theft Discount – Cars that have factory anti-theft systems prevent vehicle theft and qualify for as much as a 10% discount.
  • Payment Method – If you pay your bill all at once instead of monthly or quarterly installments you can actually save on your bill.
  • Government Employees – Employees or retirees of the government may qualify you for a discount for IS 300 coverage depending on your company.
  • Seat Belts Save – Drivers who require all occupants to use their safety belts can save up to 15% on the medical payments or PIP coverage costs.
  • Military Discounts – Being on active duty in the military may qualify for rate reductions.

Keep in mind that most credits do not apply to all coverage premiums. Some only reduce individual premiums such as collision or personal injury protection. So even though it sounds like all those discounts means the company will pay you, insurance companies aren’t that generous.

For a list of companies with discount insurance rates, click here to view.

Pieces of the Lexus IS 300 insurance rate puzzle

Smart consumers have a good feel for some of the elements that play a part in calculating the rates you pay for car insurance. Having a good understanding of what impacts premium levels empowers consumers to make smart changes that may reward you with better car insurance rates.

  • Consolidate policies to earn discounts – Most insurance companies give discounts to customers who consolidate policies with them in the form of a multi-policy discount. Even if you’re getting this discount it’s still a good idea to compare rates to ensure the best deal.
  • Lower rates with optional equipment – Driving a car that has an advanced theft prevention system can get you a discount on your car insurance. Theft prevention devices like tamper alarm systems, vehicle immobilizer technology and General Motors OnStar all hinder your car from being stolen.
  • Sex matters – Statistics have proven women are more cautious behind the wheel. That doesn’t necessarily mean that men are worse drivers. They both have accidents in similar percentages, but the males cause more damage. They also get more serious tickets such as reckless driving. Youthful male drivers are the most expensive to insure and therefore are the most expensive to insure.
  • Big city or small town – Living in a rural area can save you money when insuring your vehicles. Lower population means fewer accidents. Urban drivers regularly have traffic congestion and a longer drive to work. Higher commute times translates into higher accident risk.
  • High numbers of claims are not good – Insurance companies provide cheaper rates to insureds who are claim-free. If you file claims often, you can definitely plan on either higher rates or even cancellation. Auto insurance is designed for the large, substantial claims.
  • A lapse in coverage is a bad thing – Having an insurance coverage lapse will be a fast way to increase your car insurance rates. Not only will you pay more, but being ticketed for driving with no insurance may earn you a steep fine or even jail time.
  • Protect your assets with liability insurance – Liability insurance provides coverage if ever you are found liable for personal injury or accident damage. Liability provides legal defense which can be incredibly expensive. This coverage is very inexpensive compared to physical damage coverage, so do not cut corners here.

But I don’t know anything about car insurance

When choosing coverage for your vehicles, there really is not a single plan that fits everyone. Every situation is different and your policy should reflect that. These are some specific questions can aid in determining if you would benefit from professional advice.

  • Will I lose any money if I cancel my policy before it expires?
  • Do I need added coverage for expensive stereo equipment?
  • How much can I save by bundling my policies?
  • Is rental equipment covered for theft or damage?
  • Is pleasure use cheaper than using my 2003 Lexus IS 300 to commute?
  • Does my personal policy cover me when driving out-of-state?
  • Do I really need UM/UIM coverage?

If you don’t know the answers to these questions, then you may want to think about talking to an insurance agent. If you don’t have a local agent, fill out this quick form or go to this page to view a list of companies.

Buyer beware of insurance advertising tricks

Insurance providers like State Farm, Allstate and Geico constantly bombard you with ads on television and other media. They all make the same claim about savings if you switch to their company. But how can every company make the same claim?

Different companies are able to cherry pick for the right customer that makes them money. For instance, a preferred risk might be over the age of 40, has no tickets, and chooses high deductibles. A propective insured who matches those parameters receives the best rates and therefore will save when switching.

Consumers who do not match the requirements will have to pay more money which usually ends up with the customer not buying. The ads state “customers that switch” not “everybody who quotes” save that much money. That is how companies can truthfully make the claims of big savings. Because of the profiling, drivers must get a wide range of price quotes. It’s not possible to predict which insurance company will give you the biggest savings on Lexus IS 300 insurance.

Specific coverage details

Having a good grasp of your policy can help you determine the best coverages for your vehicles. The coverage terms in a policy can be ambiguous and reading a policy is terribly boring. Shown next are typical coverage types offered by insurance companies.

Liability coverages – Liability coverage provides protection from damages or injuries you inflict on a person or their property by causing an accident. This insurance protects YOU against other people’s claims, and doesn’t cover damage to your own property or vehicle.

Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. You might see policy limits of 50/100/50 which stand for $50,000 in coverage for each person’s injuries, a limit of $100,000 in injury protection per accident, and a limit of $50,000 paid for damaged property.

Liability can pay for things such as structural damage, bail bonds and repair bills for other people’s vehicles. How much coverage you buy is a decision to put some thought into, but buy as high a limit as you can afford.

Uninsured/Underinsured Motorist coverage – This coverage protects you and your vehicle’s occupants when the “other guys” do not carry enough liability coverage. It can pay for medical payments for you and your occupants as well as damage to your Lexus IS 300.

Since many drivers only carry the minimum required liability limits, it only takes a small accident to exceed their coverage. So UM/UIM coverage is important protection for you and your family.

Collision – Collision coverage pays to fix your vehicle from damage resulting from colliding with a stationary object or other vehicle. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.

Collision coverage pays for things like sideswiping another vehicle, hitting a mailbox, scraping a guard rail, damaging your car on a curb and backing into a parked car. Collision is rather expensive coverage, so you might think about dropping it from vehicles that are older. Another option is to bump up the deductible to get cheaper collision coverage.

Medical payments coverage and PIP – Coverage for medical payments and/or PIP provide coverage for bills such as surgery, pain medications, ambulance fees, hospital visits and rehabilitation expenses. They are utilized in addition to your health insurance program or if you are not covered by health insurance. It covers not only the driver but also the vehicle occupants and also covers getting struck while a pedestrian. PIP is only offered in select states but it provides additional coverages not offered by medical payments coverage

Comprehensive coverage – Comprehensive insurance coverage pays to fix your vehicle from damage that is not covered by collision coverage. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage pays for claims like fire damage, falling objects, damage from flooding and damage from getting keyed. The maximum payout you’ll receive from a claim is the actual cash value, so if the vehicle’s value is low it’s not worth carrying full coverage.

A penny saved is a penny earned

Low-cost 2003 Lexus IS 300 insurance can be bought from both online companies as well as from independent agents, and you should compare price quotes from both so you have a total pricing picture. Some companies don’t offer you the ability to get quotes online and these regional insurance providers work with independent agents.

We’ve covered a lot of ways to get a better price on insurance. The key concept to understand is the more rate comparisons you have, the better chance you’ll have of finding lower rates. Drivers may discover the lowest premiums are with a company that doesn’t do a lot of advertising. Smaller companies often have lower prices on specific markets as compared to the big name companies such as Allstate or State Farm.

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